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India's engineering goods exports surged by 38.53% year-on-year in October 2024, reaching $11.19 billion and marking the first time this fiscal year that exports exceeded $10 billion, according to EEPC India. This growth was largely driven by significant increases in the export of aircraft, spacecraft, ships, and boats. Notably, iron and steel exports turned positive for the first time this fiscal year, alongside gains in electric and industrial machinery and automobiles. Cumulatively, engineering exports from April to October 2024 rose by 8.27% to $66.59 billion, accounting for 28.72% of total merchandise exports in October. The US remained the top market, with a 16% increase in shipments to $1.61 billion, while exports to the UAE skyrocketed by 137%. Despite a positive outlook bolstered by lower inflation and interest rates, risks from geopolitical tensions and policy uncertainty persist, according to EEPC Chairperson Pankaj Chadha. 
Published: Nov 22 2024, 8 pmeznews.inRajasthan is set to become a new hub for IT development, with plans for an IT city just 50 kilometers from Gurugram, as announced by State Industry and IT Minister Rajyavardhan Singh Rathore. The state government, in collaboration with the Tata Group, will invest ₹10,000 crore to upgrade 100 Industrial Training Institutes (ITIs) to enhance the skilled workforce for various industries. Rajasthan has introduced 21 new policies to attract investment, including land aggregation and a lottery system for smaller units. With significant infrastructure improvements, including two expressways and a freight corridor, the state aims to capitalize on its geographical advantages. Rathore emphasized the urgency of establishing the IT city, promising immediate land availability for companies willing to invest. The state's Gross State Domestic Product is projected to grow significantly, positioning Rajasthan as a key player in India's economic ambitions by 2029.
Published: Nov 26 2024, 8 pmeznews.inUday Shankar Awasthi, Managing Director of the Indian Farmers Fertiliser Cooperative (Iffco), has been awarded the 2024 Rochdale Pioneers Award by the International Cooperative Alliance (ICA) for his significant contributions to the cooperative sector. Awasthi is only the second Indian to receive this prestigious accolade, following Verghese Kurien, who was instrumental in India's white revolution. Under Awasthi's leadership, Iffco has emerged as the largest fertilizer producer in India and the world's largest cooperative by GDP per capita. The award, presented by ICA President Ariel Guarco at the ongoing ICA Global Conference in New Delhi, recognizes innovative and sustainable cooperative practices. Awasthi highlighted the award as a reflection of Prime Minister Narendra Modi's vision of "Sahkar se Samriddhi" and Iffco's commitment to enhancing India's cooperative movement globally, noting the company's development of the world's first Nano Fertilizer.
Published: Nov 26 2024, 8 pmeznews.inIndia is facing challenges in its ongoing negotiations for a free trade agreement (FTA) with the European Union (EU), particularly regarding the EU's carbon border adjustment mechanism (CBAM), which will impose carbon taxes on key imports like steel and cement starting in 2026. While India is unlikely to receive an exemption from these taxes, the EU is open to discussing alternative solutions, including capacity building and mutual recognition of equivalent measures, to address the uncertainties posed by future regulations. Recent talks in Brussels highlighted the need for flexibility from both sides, with the EU seeking tariff reductions and India aiming to mitigate trade barriers. Analysts estimate that the CBAM could impact about 10% of India's exports to the EU, potentially costing the country up to 0.05% of its GDP. The EU, India's largest trading partner, accounted for €124 billion in trade in 2023, and both parties anticipate significant export growth post-FTA implementation.
Published: Nov 26 2024, 8 pmeznews.inThe trend towards temporary hiring in the IT sector has surged over the past five years, with a report from talent solutions provider Careernet revealing that 12-15% of IT professionals now prefer temporary roles for their flexibility and opportunities to enhance skills. This shift is particularly pronounced in major metro areas like Bengaluru, Hyderabad, and Mumbai, where temporary positions are seen as stepping stones to permanent employment in stable organizations. Companies are increasingly opting for temporary staff to meet short-term project needs, especially in IT Infrastructure, ERP, and Software Development. The report highlights a growing demand for temporary talent in emerging fields such as AI and cybersecurity, despite limited availability. Neelabh Shukla, Careernet's CBO, noted that this evolving employment landscape offers significant opportunities for both employers and employees, with expectations of increased demand for temporary IT roles in the upcoming quarters, particularly in data and digital skills.
Published: Nov 26 2024, 6 pmeznews.inAs the new tur crop for the 2024-25 season begins to arrive in small quantities across Maharashtra, Karnataka, and Telangana, millers are poised to start operations in anticipation of a full-scale harvest expected in the coming weeks. Current prices for the new tur range from ₹9,300 to ₹11,251 per quintal, depending on the region, while old tur prices hover between ₹8,519 and ₹10,862. The government has set a minimum support price of ₹7,550 per quintal for this season. Demand for desi tur remains strong, driven by civil supplies corporations, with millers eager to replenish stocks. The area under tur cultivation has increased by over 14% to 46.50 lakh hectares, with production estimates rising to 35.02 lakh tonnes, reflecting farmers' response to favorable pricing conditions. Experts suggest that prices will be influenced by the volume of the crop harvested and moisture levels.
Published: Nov 26 2024, 7 pmeznews.inSalam Kisan, an agri-tech platform, has secured a tender from the Maharashtra government for drone spraying services, marking a significant step in the state's agricultural modernization efforts. The initiative aims to deploy drones across all taluks in Maharashtra, enhancing farming efficiency while training SC/ST, marginalized women, and rural youth to become 'Drone Didis' or 'Lakhpati Didis'—rural entrepreneurs in drone technology. The government will subsidize drone purchases by up to ₹5 lakh, making this technology more accessible. Salam Kisan will also collaborate with fertilizer cooperative IFFCO to implement precision farming in water-scarce regions, while creating 1,000 job opportunities and training 500 drone pilots. Founder Dhanashree Mandhani emphasized the transformative potential of this initiative, which aims to cover over 1 million acres of farmland in its first year, ultimately empowering farmers and enhancing resilience against climate change.
Published: Nov 26 2024, 6 pmeznews.inPublic sector banks (PSBs) in India are set to launch several new credit products within the next three to four months, aimed at enhancing credit flow in the economy, according to M Nagaraju, Secretary of the Department of Financial Services. Speaking at the CII Financial Inclusion and Fintech Summit in New Delhi, Nagaraju emphasized the government's commitment to support young borrowers and highlighted that MSMEs can now access collateral-free loans up to ₹100 crore. The Centre has already sanctioned ₹31 lakh crore in Mudra loans, benefiting a significant number of women borrowers. Additionally, Nagaraju noted that India’s fintech sector, the third largest globally, comprises 13,000 companies with $33 billion in investments, spanning various sectors. However, he cautioned about the challenges posed by rapid digital growth, including cybersecurity and regulatory compliance, stressing the need for a balance between innovation and necessary safeguards.
Published: Nov 26 2024, 6 pmeznews.inK.V. Shaji, Chairman of NABARD, announced plans to establish a Shared Services Entity aimed at enhancing digital adoption among rural cooperatives and regional rural banks (RRBs) during the CII Fintech and Financial Inclusion Summit. With the support of the government and the Reserve Bank of India, this initiative will create opportunities for fintech firms to collaborate with these smaller banking entities, which often lack the resources to invest in technology. Shaji emphasized the need for fintechs to focus on developing tech solutions for digitizing cooperatives and RRBs, particularly in relation to government schemes like the PM Vishwakarma scheme. He also highlighted the potential for a "One State, One RRB" model, which would streamline the RRB sector. Currently, approximately 75 million rural residents remain outside the digital banking ecosystem, underscoring the urgency of these initiatives.
Published: Nov 26 2024, 6 pmeznews.inBoehringer Ingelheim has launched a next-generation vaccine in India to combat Marek’s disease, a persistent threat to the poultry industry. This innovative vaccine employs a controlled attenuation process, ensuring a balance of safety and efficacy, and is recommended for in-ovo vaccination of 18- to 19-day-old embryonated eggs and one-day-old chicks. Marek’s disease poses significant financial risks to farmers, particularly affecting young birds with underdeveloped immune systems. Vinod Gopal, Country Head-Animal Health at Boehringer Ingelheim India, emphasized the vaccine's role in reducing disease outbreaks and enhancing flock health, thereby supporting food security. The vaccine has undergone extensive trials and is designed to provide early, long-lasting immunity against virulent strains. Experts, including retired professor N.K. Mahajan, highlighted the importance of early immunity in mitigating the disease's impact on poultry production and economics, as it can lead to increased susceptibility to secondary infections and higher medication costs.
Published: Nov 26 2024, 6 pmeznews.inAsset reconstruction companies (ARCs) in India are poised to see a significant increase in recovery rates for stressed road projects, with projections indicating a rise of 700-1,000 basis points in FY25, following a doubling to 50-55% last fiscal year, according to Crisil Ratings. This improvement is attributed to the National Highways Authority of India (NHAI) facilitating quicker resolutions and debt restructuring through the expedited completion or de-scoping of pending construction. An analysis of approximately 2,500 lane km of stressed road projects, amounting to around ₹6,000 crore in principal debt, reveals that half of these projects have completed construction, while the rest have had their Right of Way issues resolved. With traffic growth for toll assets expected to stabilize at 4-6% and toll revenues projected to grow by 7-9%, ARCs are likely to benefit from enhanced liquidity and cash flows, enabling faster debt reduction and improved recovery timelines.
Published: Nov 26 2024, 5 pm
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